WEBVTT - Bloomberg Daybreak: March 9, 2022 - Hour 2 (Radio) 0:00:01.680 --> 0:00:05.080 Live from the Bloomberg Interactive Burger Studios. This is Bloomberg 0:00:05.160 --> 0:00:09.600 Daybreak for Wednesday, March nine. Coming up this hour, Russian 0:00:09.600 --> 0:00:13.840 forces intensify their attack on Ukraine's capital city, Kiev. Energy 0:00:13.880 --> 0:00:17.640 markets remain volatile, as President Biden bands imports from Moscow. 0:00:17.880 --> 0:00:20.440 Starbucks and Coca Cola are the latest just to spend 0:00:20.480 --> 0:00:23.000 business in Russia, and a big name investor warns it 0:00:23.120 --> 0:00:27.200 a ten print on us. Inflasia, Jersey Governor Murphy unveiled 0:00:27.200 --> 0:00:30.360 his state budget, Plus Florida's so called Don't Say Gay 0:00:30.440 --> 0:00:32.800 Bill is on its way to the Governor's desk. I'm 0:00:32.840 --> 0:00:36.360 Michael Barer. More ahead, I'm John Stashtown Sports than nets 0:00:36.360 --> 0:00:39.040 warn the Rangers lost victory in the NFL, and some 0:00:39.240 --> 0:00:44.680 optimism for the end of the baseball lockout. That's all 0:00:44.680 --> 0:00:48.680 straight Ahead on Bloomberg day Break on Bloomberg Element Trio, 0:00:48.800 --> 0:00:53.080 New York, Bloomberg one, Washington, d C, Bloomberg one, O 0:00:53.240 --> 0:00:57.680 six one, Boston, Bloomberg nine sixties, San Francisco, Syrius x 0:00:57.880 --> 0:01:00.280 M one nine Team and around the world Old on 0:01:00.400 --> 0:01:08.120 Bloomberg Radio dot Com and via The Bloomberg Business. Good Morning, 0:01:08.120 --> 0:01:11.280 I'm Nathan Hager. And I'm Karen. Moscow and US futures 0:01:11.280 --> 0:01:13.600 are rebounding this morning. We're coming up to six o 0:01:13.720 --> 0:01:15.520 one on Wall Street, and we checked the markets every 0:01:15.520 --> 0:01:18.200 fifteen minutes throughout the trading day on Bloomberg. Right now, 0:01:18.360 --> 0:01:21.640 SNP futures are up sixty one points down, futures A 0:01:21.720 --> 0:01:25.039 four hundred twenty three and NASDAG futures up two hundred forty. 0:01:25.319 --> 0:01:28.160 The decks in Germany is a four point nine percent. 0:01:28.240 --> 0:01:31.080 The ten year treasury down fifteen thirty seconds, yield one 0:01:31.080 --> 0:01:33.200 point eight nine percent. They yield on the two year 0:01:33.280 --> 0:01:36.679 one point six five percent. Nim Max screwed oil down 0:01:36.760 --> 0:01:39.200 one point seven percent, down two dollars thirteen cents and 0:01:39.200 --> 0:01:42.120 a hundred twenty one dollar fifty cents of barrel and 0:01:42.280 --> 0:01:44.400 Comex s goold is down one point two percent, or 0:01:44.400 --> 0:01:47.240 twenty three dollars sixty cents at two thousand, nineteen dollars, 0:01:47.280 --> 0:01:49.600 announced Nathan, Okay, Karen, thanks well. Have more of the 0:01:49.600 --> 0:01:51.560 markets in a minute. First, the latest on the war 0:01:51.600 --> 0:01:55.080 in Ukraine. Russian forces have intensified their strikes on KEYV. 0:01:55.320 --> 0:01:57.680 We get the very latest from Bloomberg. Said back Stair. 0:01:57.960 --> 0:02:00.880 The bulk of Russian forces are about thirty miles away 0:02:00.880 --> 0:02:03.520 from the city. Now. This coincides with what U S 0:02:03.520 --> 0:02:07.280 Intelligence Director Avril Haynes is telling the House Intelligence Committee 0:02:07.480 --> 0:02:10.160 that Vladimir Putin thought the war would end in two 0:02:10.240 --> 0:02:12.880 days and that he will now be more brutal. Our 0:02:12.919 --> 0:02:15.680 analysts sussessed that Putin is unlikely to be deterred by 0:02:15.720 --> 0:02:19.200 such setbacks and instead may escalate, essentially doubling down to 0:02:19.280 --> 0:02:23.960 achieve Ukrainian disarmament neutrality. Haynes says if the resistance continues, 0:02:23.960 --> 0:02:26.000 it may have to change with some kind of face 0:02:26.040 --> 0:02:29.560 saving action, but that that resistance will have to remain 0:02:29.720 --> 0:02:33.720 very strong. In San Francisco, I'm at Baxter Bloomberg daybreak, 0:02:33.800 --> 0:02:36.880 all right, and thank you. In Ukraine, President voladimir's Lenski 0:02:36.960 --> 0:02:39.480 is calling for more support from allies. He addressed the 0:02:39.560 --> 0:02:45.120 UK House of Comments yesterday. Police increase the pressure of 0:02:45.160 --> 0:02:50.600 sanctions against this country, and police recognize this contract as 0:02:50.600 --> 0:02:55.080 a catterist state, and police make sure that our Ukrainian 0:02:55.480 --> 0:02:59.160 sky a safe address. Was the first ever speech to 0:02:59.200 --> 0:03:01.760 the UK chain here by a foreign leader by here. 0:03:01.800 --> 0:03:04.000 In the US, care and lawmakers on Capitol Hill have 0:03:04.080 --> 0:03:07.360 crafted legislation to banned US imports of Russian oil. The 0:03:07.400 --> 0:03:10.320 move came just hours after President Biden called for a 0:03:10.400 --> 0:03:14.680 van Amy Morris has details from our Bloomberg newsroom in Washington. 0:03:14.880 --> 0:03:17.920 The House legislation is a response by lawmakers to public 0:03:17.960 --> 0:03:21.880 anger over Russia's invasion of Ukraine. It's also forced President 0:03:21.919 --> 0:03:25.800 Biden's hand despite the administration's concerns about the effect on 0:03:26.040 --> 0:03:29.480 energy prices. Biden had a warning for companies trying to 0:03:29.520 --> 0:03:34.000 profit off the crisis. No excuse to exercise excessive price 0:03:34.080 --> 0:03:37.480 increases or patting profits, or any kind of effort to 0:03:37.520 --> 0:03:40.800 exploit this situation. The House bill bars the importation of 0:03:40.840 --> 0:03:45.160 Russian crude oil, liquefied natural gas, coal, and refined products 0:03:45.200 --> 0:03:49.080 like gasoline and kerosene. It also reviews Russia's access to 0:03:49.120 --> 0:03:52.240 the World Trade Organization. It is scheduled for a floor 0:03:52.360 --> 0:03:55.200 vote later today and will take effect forty five days 0:03:55.240 --> 0:03:58.840 after it's enacted in Washington. I'm Amy Morris, Bloomberg Daybreak. 0:03:58.880 --> 0:04:00.960 All right, Amy, thank you. What we're seeing oil prices 0:04:01.040 --> 0:04:03.560 fall this morning? Nine n screwed oil is down one 0:04:03.560 --> 0:04:06.880 point seven percent, and a hundred sixty four cents of 0:04:06.960 --> 0:04:10.040 barrel brent is down one point three a hundred twenties 0:04:10.080 --> 0:04:14.200 six dollars thirty one cents. Minnesota Democratic Senator Tina Smith says, 0:04:14.200 --> 0:04:17.120 it's important that you the US does not rely on 0:04:17.200 --> 0:04:21.839 for in oil. The power of being energy independent and 0:04:21.880 --> 0:04:26.599 doing that through moving aggressively into clean power and renewable 0:04:26.640 --> 0:04:29.200 power is that you know, the putting has no say 0:04:29.240 --> 0:04:31.680 on whether how much we pay for wind or solar. 0:04:31.680 --> 0:04:33.680 In fact, that power is free. It gives us so 0:04:33.800 --> 0:04:37.760 much more resilience, I think, and Minnesota Senator Tina Smith 0:04:37.800 --> 0:04:41.039 spoke with Our Washington corresponded Joe Matthew on Bloomberg Sound 0:04:41.120 --> 0:04:43.719 on Catch the program weekdays at five pm Eastern on 0:04:43.760 --> 0:04:47.120 Bloomberg Radio Well Caring. The list of companies suspending operations 0:04:47.160 --> 0:04:49.640 are pulling out of Russia keeps growing. Let's get the 0:04:49.680 --> 0:04:52.360 latest on that live from Bloomberg's Unit a Young. Good morning, Na, 0:04:52.400 --> 0:04:56.080 Good morning Nathan. Iconic brands like Starbucks, Coca Cola, and 0:04:56.160 --> 0:04:59.159 McDonald's are the latest to pull out of Russia. The 0:04:59.200 --> 0:05:02.760 Coffee Giants partner in the country is pausing operations and 0:05:02.760 --> 0:05:05.720 will give support to the nearly two thousand partners who 0:05:05.760 --> 0:05:09.080 depend on the company for their livelihood. PayPal is also 0:05:09.120 --> 0:05:13.160 suspending business in Russia, and PepsiCo says it will suspend 0:05:13.240 --> 0:05:16.120 soft drink sales in the country, but will continue to 0:05:16.160 --> 0:05:20.440 sell daily essentials like baby formula and milk. Live in 0:05:20.480 --> 0:05:23.359 New York. I'm Nita Young Bloomberg daybreak, All right, Na, 0:05:23.440 --> 0:05:26.360 thank you. The Russian ruble a is weakening sharply this morning, 0:05:26.400 --> 0:05:29.039 at the same time European equities are staging a comeback, 0:05:29.080 --> 0:05:30.680 and we go to London and get the very latest 0:05:30.720 --> 0:05:33.640 from Bloomberg to un parts. Good morning you on good morning, 0:05:33.720 --> 0:05:37.000 Nathan and Karen. Plenty of green on traders Bloomberg screens today. 0:05:37.040 --> 0:05:40.039 That's as dip buyers wage. The global ecomic impact of 0:05:40.240 --> 0:05:45.479 escating sanctions is already reflected in equity prices, US gaining 0:05:45.480 --> 0:05:48.520 this morning, with banks, tech, and travel on leisure among 0:05:48.520 --> 0:05:52.600 the best performing sectors. Something not gaining today Russia's ruble. 0:05:52.960 --> 0:05:55.880 It's some as much as seven point eight percent against 0:05:55.920 --> 0:05:59.119 the dollar as the onshore market resumed in Moscow, giving 0:05:59.120 --> 0:06:02.000 local traders they're first challenge this week to react to 0:06:02.080 --> 0:06:05.560 recent negative developments in London. Immune pult spin back. Day break, 0:06:05.600 --> 0:06:07.880 all right you and thanks. Turning back to the US economy, 0:06:07.880 --> 0:06:09.920 it is all about inflation. This week we get the 0:06:10.000 --> 0:06:13.960 latest reading on consumer prices tomorrow. Billionaire bond manager Jeffrey 0:06:13.960 --> 0:06:17.200 Gunlock warns that inflation could approach ten percent this year. 0:06:17.240 --> 0:06:20.560 He says the Fed needs to aggressively tighten monetary policy. 0:06:20.839 --> 0:06:23.520 The CEO of Double Line Capital also says bonds are 0:06:23.520 --> 0:06:27.400 currently overvalued, while emerging market debt is cheap. And in Asia, 0:06:27.480 --> 0:06:31.240 Overnight Nathan, inflation was also in focus. China's factory prices 0:06:31.240 --> 0:06:34.080 eased again in February, o that the the outlook is deterior rating. 0:06:34.200 --> 0:06:37.479 Bloomberry Daybreak Asia anchor Bryan Curtis has the details. The 0:06:37.560 --> 0:06:40.400 pp I rose eight point eight percent from a year earlier. 0:06:40.640 --> 0:06:43.800 That's down from nine point one percent in January. It 0:06:43.839 --> 0:06:46.320 did beat the estimate of eight point six percent, but 0:06:46.400 --> 0:06:49.839 the spike in commodity since Russia invaded Ukraine may flip 0:06:49.880 --> 0:06:54.320 these numbers. In March, meantime, consumer inflation was muted. The 0:06:54.360 --> 0:06:58.040 CPI was unchanged at zero point nine percent, the same 0:06:58.200 --> 0:07:01.960 as economists had projected. Curtis Bloomberg day Break, All right, Brian, 0:07:02.000 --> 0:07:04.600 thanks on a programming note for today. Join us this 0:07:04.640 --> 0:07:07.840 morning for a conversation with Bill Gross, the former Bond 0:07:07.880 --> 0:07:11.000 Titan sits down for an interview on Bloomberg surveillance. Coming 0:07:11.040 --> 0:07:14.600 up at eight thirty am. Wall Street Time Straight Ahead, 0:07:14.600 --> 0:07:16.840 We'll bring you your latest local headlines and get a 0:07:16.920 --> 0:07:23.920 check of sports. This is Bloomberg. It sounds six oh 0:07:23.960 --> 0:07:26.360 seven on Wall Street, forty degrees in Central Park. Still 0:07:26.400 --> 0:07:29.280 problems on New Jersey transit details coming up in Traffic 0:07:29.320 --> 0:07:31.440 First Michael Barr with more on what's going on in 0:07:31.440 --> 0:07:33.440 New York and around the world. Good morning, Michael, Good 0:07:33.480 --> 0:07:37.480 morning Nathan. New Jersey Democratic Governor Phil Murphy has proposed 0:07:37.480 --> 0:07:41.160 a forty eight point nine billion dollar budget, a boost 0:07:41.240 --> 0:07:44.680 K through twelve funding, makes a full public pension payment 0:07:44.920 --> 0:07:48.320 for the second straight year, and redistributes nearly a billion 0:07:48.360 --> 0:07:52.320 dollars in property tax relief. Murphy unveiled the proposal during 0:07:52.320 --> 0:07:55.120 a speech and the Assembly Chamber, and I'm proud across 0:07:55.160 --> 0:07:59.880 our first four years working together, we cut taxes from 0:08:00.280 --> 0:08:05.800 class and working families and seniors fourteen times. New Jersey 0:08:05.840 --> 0:08:09.360 had better than expected sales and income tax collections. Governor 0:08:09.440 --> 0:08:12.880 Murphy also talked about the Russian invasion in Ukraine. Our 0:08:12.920 --> 0:08:17.440 administration is assessing what financial or business exposure we may 0:08:17.480 --> 0:08:22.280 have to the Russian government or Russian owned business interests 0:08:22.360 --> 0:08:27.080 or securities, including in our pension funds. Governor Murphy says 0:08:27.080 --> 0:08:31.080 the administration will make sure state taxpayer dollars are not 0:08:31.240 --> 0:08:36.520 supporting Russia. Florida's controversial legislation, which affects discussions about sexual 0:08:36.559 --> 0:08:40.120 orientation and gender in public classrooms, is on its way 0:08:40.160 --> 0:08:44.360 to the Florida Governor's desk. LGBTQ advocates dubbed it the 0:08:44.559 --> 0:08:48.200 Don't Say Gay Bill. The Biden administration has denounced the 0:08:48.200 --> 0:08:51.920 bill as anti lgbt Q. However, supporters say the bill 0:08:52.080 --> 0:08:55.440 would not keep people from talking about the issues in classrooms, 0:08:55.440 --> 0:08:59.240 but change curriculum and lessons on it. A Texas man 0:08:59.320 --> 0:09:02.440 was convicted of storming the US Capitol with a holstered handgun. 0:09:02.800 --> 0:09:06.280 The jury also convicted Guy Refit of interfering with police 0:09:06.320 --> 0:09:10.439 officers who were guarding the capital. On January six, Democrats 0:09:10.440 --> 0:09:12.840 and Republicans in Congress struck a deal on a long 0:09:12.880 --> 0:09:15.720 delayed one point five trillion dollars spending bill that would 0:09:15.760 --> 0:09:18.480 fund the US government through the rest of the fiscal year. 0:09:18.760 --> 0:09:22.440 It also provides the thirteen point six billion dollars to 0:09:22.520 --> 0:09:25.800 respond to Russia's invasion of Ukraine. A bipartisan bill to 0:09:25.880 --> 0:09:28.200 reform the US Postal Service and give it a much 0:09:28.280 --> 0:09:32.280 needed financial boost easily passed the Senate. The House passed 0:09:32.280 --> 0:09:35.080 it earlier. In The bill now heads to President Biden's desk. 0:09:35.360 --> 0:09:38.240 Senate Majority Leader Chuck Schumer of New York. We passed 0:09:38.240 --> 0:09:42.560 strong bipartisan legislation. It's a win win, win for bipartisanship, 0:09:42.800 --> 0:09:45.360 for our postal workers, and a win for tens of 0:09:45.400 --> 0:09:48.520 millions of Americans who rely on the post Office every day, 0:09:48.640 --> 0:09:51.440 Senator Schumer. Global News twenty four hours a day on 0:09:51.520 --> 0:09:54.880 air and on Bloomberg Quicktake, powered by more than twenty 0:09:54.960 --> 0:09:58.079 seven hundred journalists analysts more than a hundred twenty countries. 0:09:58.480 --> 0:10:06.600 Michael Barr, this is Bloomberg, Nathan. Thank you, Michael, almost 0:10:06.600 --> 0:10:08.600 sixth ten of all Street time for the Bloomberg Sports 0:10:08.640 --> 0:10:11.360 Update with John Stener Nathan. It comes under the heading 0:10:11.400 --> 0:10:13.960 of We've seen this before, but there is some growing 0:10:14.000 --> 0:10:16.960 optimism that the baseball lockout might be coming to an 0:10:17.040 --> 0:10:19.400 NL though once before there was a long meeting and 0:10:19.559 --> 0:10:21.480 did not lead to a labor deal with two sides. 0:10:21.559 --> 0:10:25.560 Just had a seventeen hour bargaining session. It lasted until 0:10:25.880 --> 0:10:27.880 just a few hours ago, and they're coming back for 0:10:28.000 --> 0:10:30.600 more today. They not only did not cancel another week's 0:10:30.600 --> 0:10:32.720 worth of regular season games, as they threatened to do, 0:10:32.880 --> 0:10:36.120 but one bargaining chip now used by the owners is 0:10:36.200 --> 0:10:38.960 squeezing in a one hundred and sixty two game season 0:10:39.080 --> 0:10:42.000 playing the games that got canceled a week ago. What 0:10:42.120 --> 0:10:45.400 is they in the NFL offseason? First, Aaron Rodgers resigning 0:10:45.440 --> 0:10:48.480 in Green Bay, ending a year long talk of him 0:10:48.559 --> 0:10:52.200 leaving a retirety at about two hundred million reasons to 0:10:52.200 --> 0:10:54.200 stay with the Packers. That's the size of his new 0:10:54.520 --> 0:10:57.559 four year deal with Green Bay. Denver wanted Rogers. When 0:10:57.600 --> 0:11:00.680 that fell through, the Broncos treated for us So Wilson. 0:11:00.720 --> 0:11:03.640 The Seahawks get three players, two first round draft picks 0:11:03.640 --> 0:11:06.760 and two second rounders in return. The Broncos have leading 0:11:06.800 --> 0:11:10.240 a better quarterback, but since Peyton Manning retired, the NEETs 0:11:10.280 --> 0:11:13.199 in Charlotte, Tyrie Irving plays road games, and what a 0:11:13.280 --> 0:11:16.640 game he played. In thirty eight minutes, Irving scored fifty points. 0:11:16.679 --> 0:11:20.640 He shot fifteen of nineteen, made nine of twelve three poonders, 0:11:20.720 --> 0:11:24.000 his fifth career fifty point game. The Nets Peto Hornets 0:11:24.000 --> 0:11:27.080 one two one twenty one. They played tomorrow in Philadelphia 0:11:27.080 --> 0:11:29.160 against their old friend James Hard of the Knicks Plate 0:11:29.240 --> 0:11:32.640 Tonight in Dallas, Rangers lost in Minnesota five to two. 0:11:32.679 --> 0:11:36.800 The Devils beat the NHL leading Colorado Avalanche five three. St. 0:11:36.880 --> 0:11:40.520 John's plays De Paul Tonight, bigg East Tournament at the Guard, 0:11:40.679 --> 0:11:44.120 James stash Heller, Bloomberg Sports All right, John, thank you. 0:11:44.320 --> 0:11:47.360 SMP futures now up seventy points, sound futures up four 0:11:47.440 --> 0:11:49.800 hundred ninety five. Nets at Future is on the rise 0:11:49.800 --> 0:11:52.600 by two hundred sixty seven points to ten. Your treasury 0:11:52.679 --> 0:11:55.480 is down fifteen thirty seconds, the yield one point nine percent. 0:11:55.600 --> 0:11:58.640 Nime X crew down two point four at a hundred 0:11:58.640 --> 0:12:01.920 twenty dollars seventy three cents of barrel. You're listening to 0:12:01.920 --> 0:12:09.319 Bloomberg Daybreak Bloomberg eleven three oh weather, some rains and 0:12:09.480 --> 0:12:11.600 let snow, especially north and west of the city. Will 0:12:11.640 --> 0:12:13.880 get up to the upper thirties today, upper forties, partly 0:12:13.920 --> 0:12:16.880 sunny tomorrow, mix of sun and clouds. Friday wind behind 0:12:16.960 --> 0:12:23.080 your fifty right now forty in Central Park Markets. Headlines 0:12:23.120 --> 0:12:26.119 and breaking news twenty four hours a day at Bloomberg 0:12:26.160 --> 0:12:29.520 dot com, the Bloomberg Business at and at Bloomberg Quick Tape, 0:12:29.720 --> 0:12:39.440 He's a Bloomberg Business clash and I'm Karen Moscow and 0:12:39.600 --> 0:12:42.600 Futures are on the rise this morning, as dip Fire's 0:12:42.640 --> 0:12:45.600 waiter that the global economic impact of escalating sanctions on 0:12:45.679 --> 0:12:49.160 Russia is already reflected in market prices. We checked the 0:12:49.200 --> 0:12:52.040 markets every fifteen minutes throughout the trading day. On Bloomberg 0:12:52.160 --> 0:12:54.400 s and P Future is up sixty seven points down 0:12:54.400 --> 0:12:57.240 Future is up four hundred sixty four and Nasdag Future 0:12:57.280 --> 0:12:59.400 is up two hundred sixty eight. That's up to per 0:12:59.480 --> 0:13:02.439 cent decks. In Germany's at four point nine percent. The 0:13:02.520 --> 0:13:04.960 ten year treasury down fourteen thirty seconds. He had one 0:13:05.000 --> 0:13:07.600 point eight nine percent yield on the two year one 0:13:07.600 --> 0:13:10.520 point six five percent nine ex Screwed oil is down 0:13:10.559 --> 0:13:12.800 two point two percent, down two dollars seventy eight cents 0:13:12.800 --> 0:13:16.079 and a hundred twenty cents a barrel. Comics goal down 0:13:16.120 --> 0:13:18.560 one point two percent on twenty three dollars seventy cents, 0:13:18.559 --> 0:13:21.640 a two thousand, nineteen dollars announced. The euro one point 0:13:21.840 --> 0:13:24.200 nine six seven against the dollar. British found one point 0:13:24.200 --> 0:13:26.440 three one six seven and the yen at one fifteen 0:13:26.480 --> 0:13:29.880 point eight six Bitcoin this morning is up almost ten 0:13:29.960 --> 0:13:32.880 percent at forty two thousand, two hundred fifty dollars. That's 0:13:32.920 --> 0:13:35.480 a Bloomberg business flash. Now here's Michael Barr with more 0:13:35.520 --> 0:13:38.280 on what's going on around the world. Michael Karen, thank 0:13:38.320 --> 0:13:41.520 you very much. Yukraine's deputy prime minister says Russia agreed 0:13:41.600 --> 0:13:44.840 to open humanitarian corridors in parts of the country for 0:13:45.000 --> 0:13:48.439 twelve hours to allow civilians to escape from several cities. 0:13:48.679 --> 0:13:51.920 It comes as the US warned that Russian forces were 0:13:51.960 --> 0:13:56.400 intensifying their bombardment of Kiev. Locked out players in Major 0:13:56.440 --> 0:14:00.000 League Baseball bargain into the early morning hours after commission 0:14:00.000 --> 0:14:02.920 to rob Manford's deadline to reach a deal preserving a 0:14:02.960 --> 0:14:06.080 one hundred sixty two games season past with no announcement. 0:14:06.480 --> 0:14:09.440 The Signs were negotiating on a number of key economic issues, 0:14:09.480 --> 0:14:13.360 including the luxury tax and minimum salaries in the NBA, 0:14:13.520 --> 0:14:16.560 the Nets and Warriors one in the NHL, the Devil's 0:14:16.559 --> 0:14:19.600 and Capitals one. The Rangers lost Global news twenty four 0:14:19.640 --> 0:14:22.280 hours a day on here and on Bloomberg Quick Take, 0:14:22.520 --> 0:14:25.520 powered by more than twenty seven hundred journalists and analysts 0:14:25.560 --> 0:14:28.040 and more than a hundred twenty countries. I'm MICHAELA. Bar 0:14:28.240 --> 0:14:32.440 This is Bloomberg. This is the Big Take, the best 0:14:32.520 --> 0:14:36.240 to Bloomberg's in depth original reporting from around the globe. 0:14:36.320 --> 0:14:38.760 We're running on a financial system that's running on old 0:14:38.760 --> 0:14:43.920 technology proces, which fresh recordized what unfolds in mid terms 0:14:44.040 --> 0:14:47.120 we will no doubt see again in the next presidential election. 0:14:47.280 --> 0:14:52.120 The Big Take on Bloomberg Radio coming up to six 0:14:52.200 --> 0:14:55.000 twenty on Wall Street Life from the Bloomberg Interactive Broker Studios. 0:14:55.040 --> 0:14:57.440 This is Bloomberg Daybreak, and our big take this morning 0:14:57.480 --> 0:14:59.360 is on the war in Ukraine and how it's forced 0:14:59.360 --> 0:15:02.920 Europe to take suddenly drastic steps to read consider its 0:15:03.040 --> 0:15:06.080 energy needs now that Russian oil and gas are becoming 0:15:06.160 --> 0:15:09.280 much less of an option. Now. Bloomberg Climate and renewable 0:15:09.400 --> 0:15:12.280 energy reporter Will Mathis joins us now for more on 0:15:12.320 --> 0:15:14.640 this story. Will, good morning. Good to have you with us. 0:15:14.680 --> 0:15:19.240 I know Europe had been on a timeline to shift 0:15:19.400 --> 0:15:23.080 to more renewables, but now it looks like, all of 0:15:23.120 --> 0:15:26.600 a sudden they've got to really ramp things up here. Yeah, 0:15:26.680 --> 0:15:29.920 that's right. It's gone from a timeline of decades to 0:15:31.040 --> 0:15:34.960 days and months. And it's not just renewables, but also 0:15:35.080 --> 0:15:38.600 you know, how do you shift the sources of fossil 0:15:38.640 --> 0:15:42.120 fuels away from Russia by all means necessary? And so 0:15:42.160 --> 0:15:45.240 we looked at all the options we could, um, talk 0:15:45.320 --> 0:15:50.520 to experts in fossil fuels, coal, gas, but also you know, 0:15:50.600 --> 0:15:53.080 new technology, solar and wind and and and try to 0:15:53.120 --> 0:15:55.400 figure out, you know, how can they ramp this up 0:15:55.440 --> 0:15:58.200 as fast as possible if they are now approaching this 0:15:58.320 --> 0:16:02.040 with you know, a wartime urgency. So let's talk about 0:16:02.080 --> 0:16:05.200 at least the short term options for Europe. I mean, 0:16:05.240 --> 0:16:07.760 just about anything they think of is going to take 0:16:07.920 --> 0:16:12.040 a little bit of time, isn't it. Um. Yeah, I 0:16:12.080 --> 0:16:17.360 mean the quickest things you can change are changing the 0:16:17.400 --> 0:16:19.720 kinds of fossil fuel as you're you're using. That would 0:16:19.720 --> 0:16:23.400 be you know, switching from from gas to coal, which 0:16:23.440 --> 0:16:26.680 is a much more polluting fuel. Um. And you know, 0:16:27.040 --> 0:16:31.480 even Europe's climates are fronts Timmerman's, who you know a 0:16:31.560 --> 0:16:35.480 year ago would have never advocated for using more coal 0:16:35.840 --> 0:16:37.680 even in the short term, is now saying, you know, 0:16:37.800 --> 0:16:42.480 nothing is taboo, everything is possible. So probably Europe is 0:16:42.520 --> 0:16:45.160 going to burn a lot more cold this year with 0:16:45.240 --> 0:16:49.200 gas prices at the at the incredibly high prices they are, 0:16:49.520 --> 0:16:52.520 and also trying to use as little imports from from 0:16:52.600 --> 0:16:55.320 Russia as they can. But even if they go to 0:16:55.800 --> 0:16:58.800 more coal consumption, I mean, that's got to run up 0:16:58.800 --> 0:17:04.840 against as you mentioned, the the greenhouse gas emission limits 0:17:04.880 --> 0:17:07.800 that Europe has. Doesn't that take some kind of agreement 0:17:07.880 --> 0:17:12.760 among all the EU member blocks to run up against 0:17:12.760 --> 0:17:17.120 those limits? Um, it doesn't. It's going to be costly 0:17:17.119 --> 0:17:19.399 because Europe has a you know, a cap and trade 0:17:19.400 --> 0:17:21.960 system that puts a price on carbon emissions. But even 0:17:22.000 --> 0:17:24.640 if they're burning more coal in the short term, they're 0:17:24.680 --> 0:17:27.439 not talking about building more coal plants. So it's just 0:17:27.560 --> 0:17:30.679 you know, using what they have already and uh, you know, 0:17:30.960 --> 0:17:34.400 running them full throttle and at the same time investing 0:17:34.720 --> 0:17:38.840 much faster in the alternatives. So you know, we we 0:17:38.880 --> 0:17:40.640 looked at a calculation that you know, if they took 0:17:40.680 --> 0:17:44.560 out some of the planning bottlenecks and and use some 0:17:44.720 --> 0:17:48.200 policies to accelerate solar development, which is the quickest way 0:17:48.240 --> 0:17:52.440 to add renewable power capacity, that they could build um 0:17:52.480 --> 0:17:55.080 as much this year as we probably wouldn't have expected 0:17:55.240 --> 0:17:59.480 until so bring out the development timeline by by six years. 0:17:59.520 --> 0:18:06.199 So just just jumping ahead, um um, you know, as 0:18:06.480 --> 0:18:09.359 quickly as they can. I mean, if they even go 0:18:09.480 --> 0:18:12.360 to solar and wind, I mean, does that make up 0:18:12.400 --> 0:18:15.920 for the lost capacity that they get from Russian oil 0:18:15.960 --> 0:18:20.639 and gas? No? I mean if if um Russian you know, 0:18:21.240 --> 0:18:24.000 so far, you know Europe has been buying lots of 0:18:24.119 --> 0:18:28.000 Russian gas, even even more gas has been flowing since 0:18:28.359 --> 0:18:32.400 Russia invaded Ukraine than before. So so for now that 0:18:32.440 --> 0:18:38.040 this UM cut off is just theoretical. But um, you know, 0:18:38.200 --> 0:18:40.679 if if it was the stuff following, they couldn't make 0:18:40.760 --> 0:18:43.720 up for it um overnight or even in a year 0:18:43.960 --> 0:18:49.680 with renewables. But they can make investments now that will 0:18:49.720 --> 0:18:52.280 be there for for decades to come and and cut 0:18:52.320 --> 0:18:55.879 that dependence for the long term. Just about thirty seconds 0:18:55.960 --> 0:18:58.360 left here. Well, what about nuclear? I know France has 0:18:58.400 --> 0:19:02.080 a pretty robust nuclear industry and have been putting pressure 0:19:02.080 --> 0:19:04.600 on a lot more European nations to to think about 0:19:04.640 --> 0:19:07.720 that as well. Is that something that's on the table. Uh, 0:19:07.960 --> 0:19:10.160 it is, But you know the biggest you know, nuclear 0:19:10.200 --> 0:19:13.280 takes longtime. New plans often take you know, a decade 0:19:13.320 --> 0:19:15.159 to to build, so even if they wanted to do that, 0:19:15.240 --> 0:19:17.879 it wouldn't be here anytime soon. The most immediate thing 0:19:17.880 --> 0:19:20.360 they could do was would be keep the nuclear plans 0:19:20.400 --> 0:19:24.040 online that they are planning to shut off, and the 0:19:24.080 --> 0:19:26.640 main place for that is Germany, and the German government 0:19:26.720 --> 0:19:30.200 so far does not seem interested in making that choice, 0:19:30.200 --> 0:19:33.639 and so they're actually gonna most likely use even less 0:19:34.080 --> 0:19:37.959 nuclear power after this year. Some big decisions ahead that 0:19:38.400 --> 0:19:41.120 have to be decided on very quickly. Here Will mathis 0:19:41.160 --> 0:19:44.880 Bloomberg News. Thanks for this. Much more on the Big 0:19:44.880 --> 0:19:47.320 Take story this morning. You can find it at Bloomberg 0:19:47.359 --> 0:19:50.440 dot com, Slash Big Take or n I Big Take 0:19:50.680 --> 0:19:54.080 go on the Bloomberg terminal. SFP futures right now have 0:19:54.240 --> 0:19:56.560 seventy five points south. Futures up five and thirty eight. 0:19:56.640 --> 0:20:02.200 Nastac features up, nim X crew down two hundred, twenty 0:20:02.200 --> 0:20:07.920 dollars twenty six cents of barrel. This is Bloomberg Bloomberg 0:20:07.920 --> 0:20:10.000 eleven three oh Weather clouds, little rain, maybe a little 0:20:10.000 --> 0:20:14.040 wet snow, upper thirties, partly sunny, upper forties tomorrow, mix 0:20:14.119 --> 0:20:16.680 of sunning, clouds, windy Friday, with a high near fifty. 0:20:16.840 --> 0:20:23.679 Right now forty in Central Park, broadcasting live from the 0:20:23.760 --> 0:20:27.720 Bloomberg Interactive Broker Studio in New York. Bloomberg E Living 0:20:27.800 --> 0:20:32.119 Freedom to Washington, d C, Bloomberg one to Boston, Bloomberg 0:20:32.200 --> 0:20:35.320 one O six one to San Francisco, Bloomberg not sixt 0:20:35.520 --> 0:20:38.280 to the Country, Sirius XM too one nine T and 0:20:38.400 --> 0:20:41.720 around the globe the Bloomberg Business app and Bloomberg Radio 0:20:41.880 --> 0:20:50.680 dot Com. This is Bloomberg Daybreak, and it's six thirty 0:20:50.680 --> 0:20:53.000 on Wall Street. Good morning, I'm Nathan Hager and I'm 0:20:53.080 --> 0:20:55.800 Karen Moscow or just about three hours away from the 0:20:55.840 --> 0:20:58.399 open of US trading. Time for the five things you 0:20:58.440 --> 0:21:00.879 need to notice. Start your day onto you by I 0:21:01.040 --> 0:21:04.879 b k R Investment Advisers switched to Interactive Brokers for 0:21:04.960 --> 0:21:09.159 lowest cost global trading and turnkey custody solutions, no ticket 0:21:09.240 --> 0:21:11.359 charges and no conflicts of your interests at I b 0:21:11.480 --> 0:21:14.320 k R dot com slash R I A. And we 0:21:14.440 --> 0:21:17.440 begin with the war in Ukraine. The US says Russian 0:21:17.440 --> 0:21:20.800 forces are intensifying their strikes on a capital city of Kiev. 0:21:21.200 --> 0:21:25.159 Ukrainian President vladimir's Lensky says his military will continue to 0:21:25.200 --> 0:21:28.680 defend their land we will not give up. We will 0:21:28.720 --> 0:21:31.920 not lose. We will fight till the end, at sea, 0:21:32.320 --> 0:21:35.119 in the air. We will continue fighting for our land 0:21:35.640 --> 0:21:38.639 whatever the cost. We will fight in the forests, in 0:21:38.680 --> 0:21:42.760 the fields, on the shores, in the streets. President Zelenski 0:21:42.840 --> 0:21:44.840 says he will stay in Kiev as long as it's 0:21:45.000 --> 0:21:47.879 necessary to win the war. Like here in the U. S. Karen, 0:21:47.920 --> 0:21:51.680 President Biden announced plans to curb Russian oil imports. This 0:21:51.720 --> 0:21:54.879 is a step that we're taking to inflict further pain Onputin, 0:21:55.560 --> 0:21:57.560 but there will be cost as well. Here in the 0:21:57.640 --> 0:21:59.880 United States. I said I would level with the American 0:22:00.000 --> 0:22:02.800 people from the beginning, and when I first spoke to this, 0:22:02.960 --> 0:22:06.080 I said, defending freedom is gonna cost. It's gonna cost 0:22:06.240 --> 0:22:08.880 us as well. After those words, and President Biden, House 0:22:08.880 --> 0:22:12.200 Democrats unveiled legislation to ban Russian oil imports. Of votes 0:22:12.240 --> 0:22:15.400 expected today and checking prices now, Nimex screwed is lower 0:22:15.480 --> 0:22:18.959 by three point two percent, down at a hundred nineteen 0:22:19.000 --> 0:22:21.400 dollars eighty seven cents. Of barrel Brent is down three 0:22:21.480 --> 0:22:26.159 percent at four dollars cents. Nathan Aalistic companies of spending 0:22:26.200 --> 0:22:28.720 operations are pulling out of Russia keeps growing, and we 0:22:28.760 --> 0:22:32.080 get the latest live from Bloomberg's Randa Young. Good morning, Ranita, 0:22:32.119 --> 0:22:35.879 Good morning Karen. Iconic brands like Starbucks, Coca Cola, and 0:22:36.040 --> 0:22:39.080 McDonald's are the latest to pull out of Russia. The 0:22:39.119 --> 0:22:42.520 coffee chain's partner in the country is pausing operations, and 0:22:42.560 --> 0:22:45.480 we'll give support to the nearly two thousand partners who 0:22:45.520 --> 0:22:48.880 depend on the company for their livelihood. PayPal is also 0:22:48.960 --> 0:22:53.080